Hong Kong developer Hang Lung Properties reports 23 per cent profit growth in first half but warns of ‘clouds’ in outlook
- Net profit rose to HK$2.39 billion (US$306 million) in the first half, while total revenue dropped 1 per cent to HK$5.23 billion
- Mall revenue rebounds, but ‘plenty of uncertainties’ persist, both domestically and internationally, company says
Hong Kong developer Hang Lung Properties said it has a ‘fair chance’ of achieving a record year as it reported a 23 per cent profit increase for the six months to June 30, although it warned that international and domestic risks to its business persist.
Net profit rose to HK$2.39 billion (US$306 million) in the first half of the year, compared with HK$1.95 billion in the same period last year, while total revenue dropped 1 per cent to HK$5.23 billion, according to an exchange filing on Monday.
“We have a fair chance of achieving another record year in spite of the slow economy,” said Ronnie Chan Chi-chung, chairman of Hang Lung Properties, in the statement.
“There are plenty of uncertainties both domestically and internationally. Visibility beyond 2023 is unclear. Until the clouds lift, we will continue working to enhance operational efficiencies to make our assets everywhere even more productive.”
The developer added that it has a strong pipeline of projects yet to be completed, including Westlake 66 in Hangzhou, a retail office and hotel development, as well as “a few hotels and residential developments” in the works in mainland China.
